SOLUTION: Question One
a) Explain the purpose of in-put output analysis in an economy.
b) Discuss the assumptions of linear programming.
c) Solve the following using matrix algebra
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-> SOLUTION: Question One
a) Explain the purpose of in-put output analysis in an economy.
b) Discuss the assumptions of linear programming.
c) Solve the following using matrix algebra
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Question 1142326: Question One
a) Explain the purpose of in-put output analysis in an economy.
b) Discuss the assumptions of linear programming.
c) Solve the following using matrix algebra
d) Describe the term game theory and describe at least three types of games.
e) Differentiate the following equation
f) Solve the following game
TABLE 1
PLAYER B
B1 B2
30 2
4 14
6 9
A1
PLAYER A A2
A3
g) A company estimates that the demand for its product fluctuates with the price it charges. The demand function is
Where q equals the number of units demanded and p equals the price in dollars. The total cost of producing q units of the product is estimated by the function
i. Determine how many units q should be produced in order to maximize the annual profit
ii. What price should be charged
iii. Determine The annual profit expected
